STANDING IN LINE AT THE BANK TO GET THEIR DAILY CASH ALLOTMENT!!

The calm reported in the media just turned to ANGER in Cyprus. It wasn’t  but a few hours ago that the government was saying that the temporary Capital Controls would only last a week.  The story has already changed…

Cyprus Crisis: Limits on Bank Withdrawals to Last “About a Month”
http://www.guardian.co.uk/world/2013/mar/28/cyprus-crisis-limits-bank-withdrawals

“The Cypriot government has warned that banking curbs to prevent money from leaving the country will apply for longer than expected, in a blow to the island’s attempts to revive its paralyzed economy.”

“The country’s foreign minister, Ioannis Kasoulides, said the regime, including a limit on cash withdrawals at €300 (£253) per day, would last for “about a month” – just 24 hours after the population was told they would only be in place for a week. The capital controls, the first ever to be imposed on a eurozone member state, have been introduced to prevent a cash exodus that would destroy what is left of the Cypriot banking system.”

The truth is that their banks will NEVER reopen. They can’t. The trust connection has been severed. Would YOU leave your money in a Cyprus Bank? Not a chance. Cyprus sealed their fate when they gave up their ability to control their money supply. They signed away their sovereignty to the Banksters who control the EU. The only thing left is to overthrown their government, kick the banksters out and start fresh.

Unfortunately, the next stage of this battle may be bloody.

Stay safe friends
Bix Weir
www.RoadtoRoota.com

PS – Happy Easter!

As the Guardian reports  “Capital flight has become a serious threat to the Cypriot economy because the terms of the €10bn bailout from the European Central Bank, the International Monetary Fund and the European Union include a haircut of at least 40% on Cypriot bank accounts that hold more than €100,000. In order to prevent account holders from removing the rest of their savings at once, the controls include the cash withdrawal limit and a curb on how much money individuals can take abroad. Anyone leaving the country, whether Cypriot or a visitor, can only take up to €1,000 with them in cash.

Almost no country that has enforced such controls has done so temporarily. Observers have warned that the measures undermine the purpose of monetary union, while there are few in Cyprus who believe they will be lifted soon. Many Cypriots were left confused by the controls, while expressing concern about the effect on their businesses and livelihoods.

As part of the bailout, the island’s second largest and most troubled bank, Laiki, will be wound down. People with more than €100,000 in their Laiki accounts could be hit with a levy of 80% – double the amount at the largest bank on the island, Bank of Cyprus. “No matter how much information there is, things are changing all the time,” said Costas Kyprianides, a grocery supplier in Nicosia.”

Click here for Guardian video above.

People in Nicosia, Cyprus give their reactions to news the government is imposing a tax on bank savings as part of its bailout deal. Aside from the long-term financial implications, the levy announcement sparked a rush on cash machines, meaning many are unable to withdraw money. The levy – 9.9% on savings over €100,000 and 6.75% on savings below €100,000 – is expected to raise €6bn (£5.2bn) as a condition for the bailout.

Can you imagine borrowing money on a loan, putting it in the bank and then losing half of it to the government and still having to pay it back?  It could happen here.

Remember: “First come, first served.”